Consumer confidence up despite rising inflation

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Canadians aren’t letting pain at the pump or higher grocery bills get them down.

According to the latest report from the Conference Board of Canada, consumer confidence is up 2.2% in March from the month before. The conference board found that Canadians were buoyed by the strong labour market recovery with 26.8% optimistic that job opportunities will increase by the fall. That’s up 4% from February. However, more Canadians expressed reservations about their current (up 4% to 29.2%) and future finances (up 5.1% to 25.6%).

Greater Victoria getting 100 complex care spaces

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Safe communities are a fundamental requirement for businesses to operate, and The Chamber applauds news that Greater Victoria is getting 100 complex care spaces. Housing is the foundation for helping people experiencing homelessness, but many also require support with mental health and addictions. Complex care is a good step toward reducing pressure on healthcare and policing, and making our communities safer.

“The pandemic has shown us that mental health challenges affect all of us, including people who haven’t had access to the support they need,” Chamber CEO Bruce Williams said. “We’ve been clear from the start that solutions such as complex care are needed to help people successfully escape the cycle of homelessness and addiction. We’re grateful for this investment in our community, and look forward to working with our partners to get to the root of this complex and challenging issue.”

An increase in property crime and reports of violence throughout the pandemic are tied to the larger issues of housing and mental illness. “The first step in stabilizing a person who is self medicating, living with an addiction and without shelter is to provide stable housing and specific supports for their challenges,” Williams said.

Citizens’ Assembly on hold until after fall elections

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The long-delayed Citizens’ Assembly looking into merging the District of Saanich and the City of Victoria is going ahead.

“We have all agreed to each contribute $250,000, for a total of $750,000, toward the cost of a citizens’ assembly and to explore the possible outcomes, costs, benefits and disadvantages of amalgamation so that residents have a more complete understanding of what amalgamation may involve,” said a statement issued by the three parties.

However, citing challenges with gathering in person during the pandemic, the process has been bumped back until after the Oct. 15 civic elections.

“We recognize there are strong opinions regarding amalgamation, and we want to ensure people have an opportunity to provide input in an open forum and a subsequent decision is well-informed and evidence-based, the statement said.”

Province looking to help $6.7B non-profit sector

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One of BC’s often overlooked economic sectors is getting a closer look. The province has contracted a Labour Market Study of the non-profit sector, which includes about 29,000 organizations employing 86,000 people and generating $6.7 billion in economic activity.

In the early months of the pandemic, the Victoria Foundation was part of a group of organizations that worked together to report on how non-profits were faring. They found that organizations focused on helping arts and culture and sports and recreation had reduced revenue, while those in the health and social services sectors were in high demand.

The 20-month study is being conducted by Vantage Point at a cost of $290,000.

Lucky tips for St. Patrick’s Day

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St. Patrick’s Day is today! With more opportunities to enjoy the holiday we hope you enjoy festivities this year safely and responsibly.

Looking for inspiration on what to do today? Well, you’re in luck! See what you can do to celebrate the holiday while also supporting local business:
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Inflation rate now 5.6%: Statistics Canada

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​Canada’s Consumer Price Index climbed to 5.6% February, according to the latest figures released today by Statistics Canada. This follows on the heels of a 5.1% increase in January. Prior to 2022, the largest gain was 30 years ago at over 6%.
 
Inflation has been rising for months due to challenges with global supply chains. Last month’s invasion of Ukraine has amplified concerns over the supply of fuel and resources in many parts of the world. Inflation is higher than it has been in Canada since 1991 with food, shelter and transportation at the forefront of the increases.
 
However, experts say Canada’s economy remains solid and will be able to weather the storm. There is speculation that the Bank of Canada will raise its interest rates by half a point in April to cool demand. The last increase was in March raising it a quarter point to .5%.
 
“Despite rising inflation and intensifying geopolitical risks, domestic economic data is expected to look firm,” states a report issued by RBC Economics.

Chamber applauds City support of treaty process

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The Chamber supports actions required for reconciliation, and we applaud the City of Victoria‘s commitment to helping the Songhees Nation reacquire urban land as part of Treaty negotiations.
 
“It is a truly historic day, and we look forward to continuing our respectful and valuable relationship to benefit all families who live in Victoria and the surrounding area,” Songhees Nation Chief Ron Sam said in a statement.
 
Indigenous enterprises are vital to the long-term economic resilience of our region, and The Chamber is working to better include First Nations in the business community. The city has sent the provincial government a letter stating it approves the transfer of three properties to the Songhees. The lands will fall under the jurisdiction of the Nation and no longer be considered part of the municipality.
 
The properties are:

  • 1112 Wharf Street
  • 430 Menzies Street, and
  • 613/615 Pandora Avenue.​

Jobless rate up; more workers returning to office

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​Greater Victoria’s unemployment rate was 4.2% in February, up from 3.9% in January, according to the latest numbers from Statistics Canada.
 
The February Labour Force Survey also shows that more jobs were returning to the office, with 37.2% of people working most of their hours from home. That’s down 5.8% from January. Statistics Canada attributed the decline to easing of public health restrictions and an uptake in jobs difficult to do from home such as in accommodation, food services and retail.
 
“As employers implement return-to-office plans, a number of factors might influence their ability to attract and retain employees,” the survey said, noting tightening labour market, workers’ concerns about affordability, and a “desire to retain the flexibility and quality of employment associated with working from home.”

Funding improves foreign-credential recognition

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​The federal government is funding 11 projects aimed at improving how foreign credentials are recognized. The announcement, made March 9, provides $26.5 million to help new Canadians integrate their skills faster into Canada’s economy.
 
“Attracting and retaining skilled workers through immigration is essential to our economic recovery and helping businesses succeed,” federal Minister of Immigration, Refugees and Citizenship Canada, Sean Fraser said in the news release. “It is vital that we accelerate the process for skilled workers to address our labour shortage, and build a prosperous future.”

Minimum wage rising to $15.65/hour on June 1

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​On June 1, the minimum wage in BC will increase to $15.65 per hour based on a 2.8% rate of inflation in 2021. It will be the first increase tied to inflation, as announced in last month’s BC Budget.
 
“I spoke to Finance Minister Robinson about this after the provincial budget was unveiled and made sure she understood that our members were concerned about how the government was going to tie an increase to inflation. Businesses need to be able to plan their costs,” Chamber CEO Bruce Williams said in a statement to media. “An increase of 2.8% is reasonable, given the uncertainty over the fluctuation in inflation caused by global events and supply chain issues connected to the pandemic.
 
“However, this represents one more cost for businesses already operating with tight margins. Raising wages contributes to rising prices, and we can’t take economic recovery for granted. Government has other options for making life more affordable, such as improving conditions for the construction of more homes to meet the demand of all the people who want to move to our region. It’s clear that without adequate housing supply, costs will continue to increase and make it even harder for people earning minimum wage to live in our province.”

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